Top savings accounts this week: Britons urged to grab up to 8% interest - but 'speed is essential' to secure best deals

Despite the consumer price index (CPI) easing to two per cent, the central bank has held interest rates at 5.25 per cent since August 2023.

Since then the base rate has remained the same, but analysts predict a rate cut is on the horizon which could mean savings rates will dip in the short-term.

Savers are warned the top rate deals on the market are decreasing so time is of the essence.

Britons can still get fixed rate bonds, easy access accounts and ISAs paying five per cent or more, and a regular saver that pays eight per cent AER.

Among the banks and building societies offering competitive interest rates include Nationwide, the Co-operative, NatWest and TSB.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “In contrast to recent activity, some of the top fixed rate bonds have been slashed or pulled making it crucial for savers to keep abreast of the latest deals and act quickly to apply.

"Despite these changes, there are still fixed rate bonds, easy access accounts and ISAs paying five per cent or more, and a regular saver that pays eight per cent AER.

"Variable rates remain rather stable week-on-week apart from a notable change from Chase, so it is still essential savers review their easy access account and switch if they are getting a poor return on their hard-earned cash.

“Leading the market for a consecutive week is a one-year fixed bond from Union Bank of India (UK) Ltd which pays 5.40 per cent AER. Isbank moved to increase its rate to 5.17 per cent AER, which sits in the middle of the top 10.

"However, both SmartSave and StreamBank reduced rates and Close Brothers Savings withdrew its bond. Such volatility within the one-year fixed bond market means savers will need to keep a close eye on the rates if they want to secure a guaranteed return of over five per cent over the next 12 months.

“Those savers who want to fix their cash for longer may want to make note of a change to the top two-year fixed bond rate tables. Close Brothers Savings withdrew its bond, which was a market-leader at 5.06 per cent AER, so the top position is now held by RCI Bank UK at five per cent AER.

"This area of the market is awash with Challenger Banks, so the rates and products on offer and come and go quickly if a provider meets its deposit target."

Best regular savings accounts

Here is a full list of the best regular savings accounts on offer for the week beginning July 22, 2024:

• Principality BS - Eight per cent AER / 7.85 per cent gross
• The Co-operative Bank - Seven per cent AER/gross
• Nationwide BS - 6.50 per cent AER/gross 6
• NatWest - 6.17 per cent AER / six per cent gross
• Royal Bank of Scotland - 6.17 per cent AER / six per cent gross
• West Brom BS - Six per cent AER//gross
• TSB - Six per cent AER//gross
• Saffron BS - 5.75 per cent AER/gross

Best fixed-rate savings accounts

Here is a full list of the best savings accounts with a one-year fixed rate for the week beginning July 22, 2024:

• Union Bank of India (UK) Ltd - 5.40 per cent AER/gross
• Mizrahi Tefahot Bank Ltd - 5.25 per cent AER/gross
• Ziraat Bank - 5.25 per cent AER/gross
• GB Bank - 5.20 per cent AER/gross
• Isbank - 5.17 per cent AER/gross
• Cynergy Bank - 5.16 per cent AER/gross
• MBNA - 5.15 per cent AER/gross
• Zenith Bank (UK) Ltd - 5.15 per cent AER/gross
• FCMB Bank (UK)- 5.15 per cent AER/gross

Best cash ISAs

Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning July 22, 2024:

• Virgin Money - 5.05 per cent AER/gross
• UBL UK - 4.95 per cent AER/gross
• Kent Reliance - 4.94 per cent interest rate
• Castle Trust Bank - 4.94 per cent interest rate
• Shawbrook Bank - 4.94 per cent AER/gross
• Cynergy Bank - 4.93 per cent AER/gross
• Charter Savings Bank - 4.91 per cent AER/gross
• United Trust Bank - 4.90 per cent AER/gross
• OakNorth Bank - 4.84 per cent AER/ 4.74 per cent gross
• Paragon Bank - 4.83 per cent AER/gross

Here is a full list of the best cash ISAs with a variable rate attached for the week beginning July 22, 2024:

• Trading 212 - 5.20 per cent AER/ 5.07 per cent gross
• Plum - 5.17 per cent AER/ 5.06 per cent gross
• Chip - 5.10 per cent AER / 4.99 per cent gross
• West Brom BS - 5.10 per cent AER/gross
• Zopa - 5.08 per cent AER / 4.96 per cent gross
• Progressive BS - 5.05 per cent AER/gross
• Principality BS- Five per cent AER/gross
• West Brom BS - Five per cent AER/gross
• Newcastle BS - Five per cent AER/gross
• Paragon Bank - 4.95 per cent AER/gross

Best easy-access savings accounts

Here is a full list of the best easy-access savings accounts without a bonus attached for the week beginning July 22, 2024:

• cahoot - 5.20 per cent AER/gross
• Ulster Bank - 5.20 per cent AER/gross
• Monument Bank - 5.03 per cent AER/ 4.92 per cent gross
• Oxbury Bank - 5.02 per cent AER 4.91 per cent gross
• Oxbury Bank - 4.94per cent AER / 4.83 per cent gross
• Wealthify - 4.91 per cent AER/ 4.80 per cent gross
• GB Bank - 4.91 per cent AER/ 4.79 per cent gross
• Monument Bank - 4.91 per cent AER/ 4.80 per cent gross
• Paragon Bank - 4.91per cent AER/ gross
• Secure Trust Bank - 4.90 per cent AER/ 4.79 per cent gross

• Principality BS - Five per cent AER/gross
• Cynergy Bank4.94 per cent AER/gross
• Tesco Bank4.66 per cent AER/gross
• Principality BS4.60 per cent AER/gross
• Post Office Money®4.60 per cent AER/gross
• Marcus by Goldman Sachs®4.55 per cent AER/ 4.46 per cent gross
• SAGA4.55 per cent AER/ 4.46 per cent gross
• Post Office Money®4.10 per cent AER/gross
• Sainsbury's Bank Four per cent AER/gross
• TSB2.92 per cent AER/ 2.89 per cent gross